Dubai firm to sell Tunisia telco stake

Dubai, June 25, 2013

A unit of Dubai Holding, the conglomerate owned by the ruler of Dubai, has hired Credit Suisse as a financial adviser to sell its 35-percent stake in state-owned Tunisie Telecom, three banking sources aware of the matter said.

Emirates International Telecommunications (EIT) bought a 35 percent stake in Tunisie Telecom for $2.25 billion in 2006. Tunisia owns the rest. Last week, the Tunisian government said Dubai Holding was considering a sale of its stake, without providing any additional details.

"Like any investment company, EIT is always evaluating exit options that are in line with its investment strategy and in case of Tunisie Telecom this is being done in full alignment with the Tunisian State," EIT said in a statement on Tuesday.

Credit Suisse declined to comment. The sources spoke on condition of anonymity as the matter is not public. - Reuters